The University of Cincinnati now has something else it can show off to the Big 12 Conference – a signed contract to renovate the Bearcats' basketball arena.

Joint venture partners Skanska and Megan Construction on Monday announced they have signed a $70 million deal to overhaul Fifth Third Arena.

The construction firms made the official announcement, not the university, which still has more fundraising to do for the $87 million project. UC has a fundraising deadline set for next month, but it has received enough commitments for some work to start in June, pending approval of the UC Board of Trustees.

The contract announcement comes two weeks before Big 12 presidents and chancellors are scheduled to meet in suburban Dallas, where conference leaders are expected to discuss expansion and possibly make a decision on whether to add schools. UC officials have tried for nearly two years to get into the Big 12, which is one of the five major football conferences.

UC already has been touting the $87 million renovation to Big 12 leaders for several months, but the construction contract allows the university to prove that basketball powerhouses Kansas and Oklahoma and other schools would essentially play in a new arena when they visit Cincinnati.

Television most likely will decide whether the Big 12 will add at least two schools, but expansion candidates have been promoting the quality of their facilities in sales pitches.

The University of Memphis, one of UC's American Athletic Conference rivals, has pledged to make $500 million in facilities upgrades if it joins the Big 12, according to an ESPN.com report last week. And UC boasted about making $300 million in facilities upgrades over the past decade in a promotional video the university sent to Big 12 officials last winter.

President Santa Ono has said UC could look to expand Nippert Stadium again if the Bearcats join the Big 12. UC completed an $86 million expansion of Nippert last year.

Construction at Fifth Third Arena on four new luxury suites above the end-zone seats will begin next month. Major renovation work isn't scheduled to start until next spring after the 2016-17 basketball season ends. The privately funded project is expected to be done in November 2018.

That means the Bearcats would need to find a place to play for the 2017-18 basketball season. No location has been chosen.

UC originally planned to start major renovations two months ago. But after fundraising initially lagged, the university decided in December to push back a bulk of the work until April 2017.

Plans call for the interior and exterior of the 26-year-old facility to receive a new look. A 360-degree seating bowl would be created, reducing capacity to 11,500 from 13,176 but adding more comfortable seats and better spectator sight lines. Permanent seating would replace rollaway bleachers.

The multipurpose arena, which opened in September 1989, was criticized for uncomfortable seating and poor sightlines from its inception.

"There will be better sound, better views," UC architect Beth McGrew said last year. "There are no bad seats in this design."

New luxury suites, bathrooms and concession areas will be added. The arena will get a new fan lounge and sound system, in addition to upgraded locker rooms.

Outside, the east plaza will be renovated with a new main entrance, centralized ticketing and guest services.

Headquartered in New York, Skanska USA is one of the largest construction and development companies in the U.S. The company, which has locations in 31 markets nationwide with 11,000 employees, opened an office in Cincinnati about 10 years ago.